Teachers Assurance has snapped up one of Bournemouth’s few remaining modern air-conditioned buildings in the largest office move seen in the area for several years.
The insurance company has taken the 31,300-sq ft Tringham House on Slough Estates’ Wessex Fields development, which is about 2 miles from the town centre.
Bournemouth University has bought the freehold of Teachers’ existing 40,000-sq ft property in Christchurch Road, plus the 10,000-sq ft former fire station which Teachers had purchased from Dorset council last year. The purchase price is confidential.
Teachers will join Terence O’Rourke and USP Advertising, which occupy offices in Wessex Fields’ non-air-conditioned Everdene House.
Slough and Teachers are keeping financial details of the letting under wraps, but O’Rourke took the 6,241-sq ft top floor in 1992 on a 20-year lease at £15 per sq ft with nine months rent-free.
USP is about to expand into the entire 6,329-sq ft first floor. The lease is for 20 years with six months rent-free. Both leases include five-yearly reviews.
Only 6,300 sq ft of Everdene House remains available in the first phase of Wessex Fields. Cowling & West and Healey & Baker represented Slough Estates, while Keith Cardale Groves advised Teachers.
- This week’s “Focus on Dorset and South Wiltshire” provides more information on the property markets of both Bournemouth and the other rivals in this region.
See “Focus”
